Linda thank you for trying to answer the question. That was the reason on a operations report I received on the well in Texas for being down for 2 days. I talked to some one at the drilling company and he had not heard that explanation before but thought it was probably the ESP pump which has been replaced before on the well.
Stephen do you know where they came up with this date, was it producing way before 2011? just out of curiosity am I looking at a lot of money on the first check? He did say when I got my first check to pay attention to the revenue interest what does that mean?
Debbie,
The wells were producing before 2011. I do not know how CHK came up with the effective date unless they were paying royalties to your Mother and she died that year and then they were unable to locate her heirs.
You might also check Oklahoma’s unclaimed property website. I don’t think that CHK would be responsible for monies they have already turned over to the state. I am not sure how often companies have to send in unpaid royalties; maybe, CHK is only holding royalties since 2011.
Hutch, I meant to tell you the Poteet was only 80.00 this month. Less than last month. I’m ready for the others to kick in! Hopefully April or May??!
Jen, they got my title revision done pretty quick and I actually got a check the last 2 months. Since Feb check was for gas only I don’t think we will get anything this month. Maybe a little in April and back to normal in May. OCC has a hearing scheduled next Monday the 9th to finalize the new well locations. If it doesn’t get re-set again that should mean they are in production and the allocations have been determined…stay tuned. I think the best we can hope for is D.O.s in June, I hope you can say I was wrong.
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Huh, funny I just looked and was about to post that price but I hadn’t noticed the date being yesterdays. Thanks for that!
Glad to see oil and gas all going up today.
WTI = West Texas Intermediate
Brent is a higher grade not typically found here. (if I’m not mistaken)
Brent is a big factor is gasoline pricing FYI since refined products can be exported (gasoline is a global market) but WTI crude oil (US market only) can’t. It’s part of the reason why WTI hasn’t moved much the last few weeks but gasoline has gone up a lot. At one point in January, Brent and WTI were at parity but the spread has widened again.
For up to date oil and gas prices, click this link. http://www.bloomberg.com/energy/
The oil-price.net site is a day behind…
Debbie,
There are several wells still producing in the section. The wells were drilled in the last 10 years by Chesapeake. I believe CHK spaced the producing zones on 640 acres so you most likely have an interest in all the wells. You should receive payments for all past production.
Title issues might reduce or eliminate interest due on back payments.
According to them I have 10 wells, I’m thinking of this as a little gift and a blessing from my Father, he inherited this from his father and none of them knew they had this, thank you for your help.
Michael W…below is the link someone else gave to check the oil prices and I don’t believe it matches the one you gave but I’ll recheck that. http://www.oil-price.net/
Little difference but not much.
Debbie, Here is the formula for your decimal interest that is used to calculate your share of oil and gas. Net mineral acres divided by 640 acres, times the lease rate your dad agreed to ( let’s say 3/16 or .1875 ). So let’s say you have 10 net mineral acres. 10 / 640 = .0156525. Now .0156525 * (times) .1875= .0029296. That would be your decimal interest that was listed on your division order. Most likely your dad only got an 1/8 interest on his lease though. So in that case it would be: 10/640= .0156525. Now .0156525 * 1/8 or .125 = .0019565. That would be your decimal interest on the division order. M. Barnes has a great spread sheet that I often have used to “back in” to my net mineral acres when I was unsure of my net mineral acres. I’m sure she would send it to you. I inherited also about 3 years ago. So a relative newbie myself. Hopefully I did this right. They take this decimal interest times the oil and gas sales, less deductions, and that is what you should receive. ( Most sections are 640 acres however there can be irregular sections that can be more or less than 640 and that would effect your calculation.) Guys correct me if I made a mistake!
Thank you Jennifer for the formula, there is a box on my division papers that says “For 1/15 Production, transfer interest and redistribute any and all suspense to parties below placing in PA status per final decree, death certificate and recorded affidavit of heirship”. I’m assuming I have 1/15 interest? Will you please fiqure that for me?
Deb- I can’t calculate it with knowing the interest your dad negotiated and the net mineral acres. But I bet some of the smart folks on here might know what that 1/15th actually means. Just give them a few minutes and I bet someone smarter than me will chime in!
Michael, Do you have a chart for gas prices? what is WTI and Brent?
Brent is the oil coming out of the North Sea. Commonly used as an international price for oil. Typically slightly higher than WTI since it is a higher grade. Not relevant for OK. Oil sold in the US gets US prices.
Natural gas prices are on the link I posted. Henry Hub is the chart you want. That is the Hub in Louisiana where it is priced.
All of these prices are just guides. The actual price you receive depends upon what state you are in, the shipping costs, the contracts that your carrier has signed, etc. They will not match your stubs, but they will be close.
Was just offered 18k per acre for 10 -2n-4w. Tempting… Talk me out of it PLEASE!